A bipartisan group of House and Senate members seeking to delay big flood insurance premium increases for their constituents have agreed on a bill to delay hikes in most instances for four years. The congressional leaders said they would unveil details in a Tuesday press conference at the Capitol in Washington.

Questions remain as to whether the bill can overcome opposition from some members of congress who believe the Biggert-Waters Act, the 2012 legislation setting up the new rate structure, was needed to make the program more financially sound. The federal flood insurance program insures 5 million Americans because private insurers do not provide coverage in the event of a flood.

Passage is far from guaranteed. Without a waiver, the sponsors must come
up with an offset to cover the costs of delaying premium increases to
the federal treasury, as calculated by the Congressional Budget Office.
And there will be some lawmakers, backed by the insurance industry, who
will likely oppose any effort to move away from establishing actuarial
rates for the flood insurance program, $17 billion in the hole, largely
because of payouts after Hurricane Katrina.

Ten senators are sponsoring a plan announced last Friday (October 25) to delay the most egregious effects of Biggert-Waters. Most the 20 members of the House who had been working on similar legislation are now on board with the senate measure.

Among the "affordability" measures authorized by the Senate's version of the bill were targeted assistance to individual policy holders and consideration of how large premium increases might affect participation in the flood insurance program. Sponsors of the delaying legislation say the premium increases won't make the program more fiscally sound if large numbers of homeowners can't afford them and drop their coverage.

The bill also would grant relief to property owners who bought homes after the Biggert-Waters legislation took effect in 2012. Under the terms of that law, those people found their properties redesignated for market-rate premiums -- sometimes leading to substantially higher premiums.

In addition, the Senate bill sets up a Flood Insurance Rate Map ombudsman to answer questions from policyholders about the mapping process. Among other things, the ombudsman would be responsible for educating policyholders about their individual flood risks and how to mitigate them, assisting property owners through the flood map appeals process, and improving outreach and coordination with local officials and community leaders.

It was not clear before Tuesday's press conference what changes senate negotiators made to the bill, if any, to get the house members on board.